Online banking in the gaming industry

One aspect of the online casino industry that’s rarely talked about is how the different financial transactions involved are handled.

Also what measures are taken to keep players safe. In fact, for many people signing up to a casino this may not be very high on the list of questions they need to have answered. Generally, people just want to sign up and start playing right away.

But, with potentially large sums of money going back and forth, in terms of deposits and withdrawals, casinos need to be sure that the transactions can be carried out quickly and securely. This is paramount if they want to hold on to their good reputations.

In addition, the official regulator overseeing the licensing of online casinos – in the case of the UK, this body is the Gambling Commission – which also sets out some strict guidelines that must be followed. The result is a safe sector where mishaps seldom occur, thanks to the many measures in place.

How do casinos ensure safe banking for customers?

Casinos have a large amount of security measures in place to protect their customer’s finances.

• Identity checks – the security measures employed by casinos are similar, in a great number of ways, to those employed by banks and other financial institutions and the first of these comes when a player signs up. It’s a condition of any online casino’s license that a full identity check has to be carried out before anyone can register. Generally, this will involve the submission of scanned documents such as passports and recent utility bills showing a confirmed address and date of birth.

• SSL encryption – a further measure that is essential is that the appropriate level of SSL encryption is deployed to ensure that hackers are unable to access any kind of personal or financial information that may be stored on the online casino’s servers. Always at least 128 bit and ideally 256 bit, there are regular checks carried out to make sure that this is in place.

• PCI DSS – a number of online casinos also add another layer of protection in the form of the Payment Card Industry Data Security Standard (PCI DSS). This was an initiative that was introduced in 2006 by major payment card providers including Visa, Mastercard and American Express to ensure that any organisation that stores or processes card information meets a defined level of safety and maintains a secure environment at all times.

• Withdrawal limits – most casinos also have very strict deposit and withdrawal limits which cannot be overridden and which act to prevent fraud or theft from occurring in the unlikely event that the other security measures are ever beaten. As yet another layer of security, larger withdrawals also have to be validated with confirmations of identity using the same kinds of proof as were needed when first registering to play.

• Player fund segregation – just as the FSCS protects customers’ money when it’s in the possession of banks and will compensate customers if the financial institution ever fails, similar measures are in place with casinos. This is called Player Fund Segregation and ensures that customer’s deposits and winnings are kept completely separate from the funds that a casino needs for operational purposes. So, if a casino should go out of business its customers should be able to be compensated straight away.

Popular payment methods

There are many different payment methods accepted at online casinos to make playing as easy of possible for all.

Frictionless payment is the key objective for most businesses and online casinos are no exception. This means offering a wide range payment options, you’ll find that pretty much all the bases are covered:

• PayPal
PayPal is a preferred method of payment for many casino players. It’s 100% safe and secure and means that you can quickly, easily and securely play casino games. It’s offered by all of the most respected and trusted casinos as it gives both casinos and customers the ultimate peace of mind when making and processing payments. A reputable and respected example of a PayPal casino is 888 Casino, which offers customers a quick and easy way to sign up and get started playing a huge variety of games.

• Cards

Casinos have always accepted the traditional payment methods of credit and debit cards, as do pretty much all online businesses. Whether it’s Visa or Mastercard, this not only provides security for the customer it also guarantees that the casino will receive its money too. However, there are changes on the way. From the middle of April 2020 only debit card payments will be permitted as the government has banned credit card payments completely. This is a measure designed to prevent gamblers from getting into debts which can start to escalate once interest begins to be charged and has been broadly welcomed as a move towards more responsible gambling.

• E-Wallets

While debit and credit cards make it obvious who is paying or receiving money, the use of e-wallets such as Neteller and Skrill provide complete security, along with absolute anonymity. These have become very popular, although there are certain disadvantages to using them including the fees that some change. On the other hand, the transactions tend to be almost instant and certainly faster than banks.

• Mobile payments

The mobile phone has done more than almost any other device to change the way we live today and this revolution has introduced many changes. One of these is in the way that it allows payment. There are two main ways. The first is through deposit methods like Apple and Android Pay which are linked to the phone user’s bank account and the second is through direct carrier billing (DCB). This is a method favoured by other organisations including charities that allows the user to pay an amount that’s then charged to their mobile phone account.

• Cryptocurrencies

An increasing number of casinos are also starting to accept Bitcoin and other cryptocurrencies as payment methods – although there are still many doubts about whether this will become more commonplace. It certainly true that none of the major online casinos will accept crypto payments at the moment. If the currencies become more established and are welcomed into the mainstream there’s no reason why this shouldn’t change in the future. In cryptocurrencies’ favour, the blockchain technology behind them makes transactions secure as well as being faster than traditional banks, so we shall see.

Above all, online casinos know that being 100% safe and secure for their players is the most important thing of all for them. Because, if a casino fails to live up to these expected standards, trust will go, closely followed by their players who will begin to gamble elsewhere.

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